EUR or Euro Explained in Full

The EUR or Euro is the official currency of the European Union, but did you know it's also used by several other countries outside the EU?

The Euro was introduced in 1999 as an accounting currency, and in 2002, it replaced the European Currency Unit (ECU) as the official currency of the European Union.

It's a single currency used by 19 of the 27 EU member states, with the remaining countries still using their own national currencies.

The Euro is managed by the European Central Bank (ECB) and is divided into 100 cents.

The Central Bank of Ireland will exchange old Irish banknotes and coins for euro, using a conversion rate of €1 = £0.787564.

You can visit the Central Bank by appointment or send your old banknotes by registered post for exchange. The Central Bank will issue the value in euro by transfer to a bank account.

Some banks may also offer to exchange old money through your bank branch, so it's worth checking with your bank to see if they provide this service.

The Central Bank of Ireland will exchange old Irish banknotes and coins for euro, using a conversion rate of €1 = £0.787564.

You can visit the Central Bank by appointment or send your old banknotes by registered post for exchange. The Central Bank will issue the value in euro by transfer to a bank account.

If you have cash in the former national currency of another country in the euro area, you can try to exchange it for euro, but this is only done by the national central banks.

Some countries have time limits on the exchange of former national currency for euro.

The euro is a widely accepted currency, but its value can fluctuate.

The European Central Bank (ECB) sets the official exchange rate of the euro, which is currently around 1 EUR = 1.12 USD.

One euro is divided into 100 cents, making it a decimal-based currency.

Central Bank Rates are a crucial factor in determining interest rates for consumers. They directly influence the cost of borrowing money.

The Federal Reserve, for example, sets the federal funds target rate, which is the rate at which banks lend and borrow money from each other overnight. This rate has a ripple effect on the entire economy.

A 1% increase in the federal funds target rate can lead to a 0.5% to 1% increase in mortgage rates. This is because banks need to borrow more money to lend to consumers, resulting in higher interest rates.

Some central banks, like the European Central Bank, keep their interest rates low to stimulate economic growth. The ECB's deposit facility rate, for instance, is currently set at -0.5%. This means that commercial banks are charged for holding excess reserves at the ECB.

The Bank of England's base rate, on the other hand, has been steadily increasing over the past few years. A 0.25% increase in the base rate can result in a £10 to £20 increase in monthly mortgage payments for some homeowners.

EUR is the official currency of the Eurozone, which comprises 19 of the 27 member states of the European Union.

The Eurozone's economy is the second-largest in the world, accounting for more than 15 million jobs and over 1 billion people.

The European Central Bank (ECB) is responsible for setting monetary policy in the Eurozone, and it's headquartered in Frankfurt, Germany.

One of the key benefits of the Eurozone is that it allows for free movement of goods, services, and people within its borders.

The Eurozone's economy is highly integrated, with many countries sharing a common market and economic policies.